LIC v. CIT

512 ITR 773Reported decision#4935 most cited

What is LIC v. CIT authority for?

The Assessing Officer's power to make adjustments is restricted, particularly concerning actuarial valuations, and this power is bound by principles laid down by the Supreme Court.

24

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2024.

Also referred to as

LIC v CIT · 512 ITR 773 · powers of Assessing Officer · actuarial valuation · Rule 2 of 1st Schedule · Section 44 of Income Tax Act

Sections most often in play

Section 1938Section 10(15)Section 10(23AAB)Section 10(34)Section 11 of Insurance ActSection 115BSection 13 of Insurance ActSection 143(3)

Issues it is cited on

section 14(a)section 14a(1)section 42interest on securitiesdisallowance u/s 14asection 44section 115bsection 14asection 144bappeal before the tribunalincome from other sourcessection 115

Judgments citing LIC v. CIT

Sbi Life Insurance Co. Ltd, Mumbai vs. CIT 1, Mumbai

In the result, Revenue’s appeals are dismissed and assessee’s appeals in ITA Nos

ITA 3495/MUM/2014[2009-10]Status: DisposedITAT Mumbai23 Dec 2016AY 2009-10

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

Section 10Section 10(34)Section 143(3)Section 199Section 28Section 44

…oreover the Assessing Officer has no power to modify the amount after actuarial valuation was done, which was the basis for assessment under Rule 2 of 1st Schedule r.w.s. 44 of the 1 T. Act. The principles laid down by the Hon'ble Supreme Court in LIC vs. CIT 512 ITR 773 about the powers of Assessing Officer also restricts the scope and adjustments by the A O. In view of this we uphold the order of the CIT(A) and dismiss the Revenue ground. " 7. As can be seen above, the Hon'ble ITAT, Mumbai held that Mathematical Reserve, which is debited on expense side of the profit and loss account, is computed as per the ins…

DCIT 1(3), Mumbai vs. Sbi Life Insurance Complany Ltd, Mumbai

In the result, Revenue’s appeals are dismissed and assessee’s appeals in ITA Nos

ITA 2576/MUM/2014[2010-11]Status: DisposedITAT Mumbai23 Dec 2016AY 2010-11

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

Section 10Section 10(34)Section 143(3)Section 199Section 28Section 44

…oreover the Assessing Officer has no power to modify the amount after actuarial valuation was done, which was the basis for assessment under Rule 2 of 1st Schedule r.w.s. 44 of the 1 T. Act. The principles laid down by the Hon'ble Supreme Court in LIC vs. CIT 512 ITR 773 about the powers of Assessing Officer also restricts the scope and adjustments by the A O. In view of this we uphold the order of the CIT(A) and dismiss the Revenue ground. " 7. As can be seen above, the Hon'ble ITAT, Mumbai held that Mathematical Reserve, which is debited on expense side of the profit and loss account, is computed as per the ins…

Sbi Life Insurance Co. Ltd., Mumbai vs. D.C.I.T.(O.S.D.) -1(2), Mumbai

In the result, Revenue’s appeals are dismissed and assessee’s appeals in ITA Nos

ITA 5112/MUM/2012[2009-10]Status: DisposedITAT Mumbai23 Dec 2016AY 2009-10

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

Section 10Section 10(34)Section 143(3)Section 199Section 28Section 44

…oreover the Assessing Officer has no power to modify the amount after actuarial valuation was done, which was the basis for assessment under Rule 2 of 1st Schedule r.w.s. 44 of the 1 T. Act. The principles laid down by the Hon'ble Supreme Court in LIC vs. CIT 512 ITR 773 about the powers of Assessing Officer also restricts the scope and adjustments by the A O. In view of this we uphold the order of the CIT(A) and dismiss the Revenue ground. " 7. As can be seen above, the Hon'ble ITAT, Mumbai held that Mathematical Reserve, which is debited on expense side of the profit and loss account, is computed as per the ins…

Sbi Life Insurance Co. Ltd, Mumbai vs. ACIT 1(3), Mumbai

In the result, Revenue’s appeals are dismissed and assessee’s appeals in ITA Nos

ITA 4066/MUM/2011[2007-08]Status: DisposedITAT Mumbai23 Dec 2016AY 2007-08

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

Section 10Section 10(34)Section 143(3)Section 199Section 28Section 44

…oreover the Assessing Officer has no power to modify the amount after actuarial valuation was done, which was the basis for assessment under Rule 2 of 1st Schedule r.w.s. 44 of the 1 T. Act. The principles laid down by the Hon'ble Supreme Court in LIC vs. CIT 512 ITR 773 about the powers of Assessing Officer also restricts the scope and adjustments by the A O. In view of this we uphold the order of the CIT(A) and dismiss the Revenue ground. " 7. As can be seen above, the Hon'ble ITAT, Mumbai held that Mathematical Reserve, which is debited on expense side of the profit and loss account, is computed as per the ins…